{"id":20781,"date":"2016-05-29T16:36:46","date_gmt":"2016-05-29T21:36:46","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20781"},"modified":"2016-05-29T16:36:46","modified_gmt":"2016-05-29T21:36:46","slug":"the-power-elite-bumbling-incompetents","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20781","title":{"rendered":"The Power Elite: Bumbling Incompetents"},"content":{"rendered":"
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The Power Elite: Bumbling Incompetents\u00a0<\/a><\/h3>\n<\/div>\n
Geniuses in Charge<\/strong><\/div>\n
\n

BALTIMORE, Maryland \u2013 Is there any smarter group of\u00a0homo sapiens<\/em>\u00a0on the planet? Or in all of history? We\u2019re talking about Fed economists, of course.<\/p>\n

\"danger_-_genius_at_work_0-png\"<\/em>Not only did they avoid another Great Depression by bold absurdity\u2026giving the economy more of the one thing of which it clearly had too much \u2013 debt. They also carefully monitored the economy\u2019s progress so as to avoid any backsliding into normalcy.<\/p>\n

And where do we get this penetrating appraisal? From the Fed economists themselves, of course. Bloomberg:<\/p>\n

\u201cThe U.S. Federal Reserve\u2019s decisions to delay interest-rate hikes helped cushion the economic shocks caused by rapidly rising borrowing costs for U.S. companies from late last year through early 2016, according to economists at the New York Fed.<\/em><\/p>\n

\u201cBy maintaining the federal funds rate lower, the FOMC managed to substantially offset the effect of tightening financial conditions on the economy,\u201d\u00a0the authors, referring to the rate-setting Federal Open Market Committee, wrote in a blog post on the bank\u2019s website on Wednesday.\u201d<\/em><\/p><\/blockquote>\n

They\u2019re geniuses. No doubt about it. That\u2019s why they\u2019re in charge and we\u2019re not. They\u2019re the elite. They run the Deep State. They may not pay the piper, but they call the tune anyway. And good on them! Who knows what prices we might discover if we were left on our own?<\/p>\n

\"Debt,The gap between economic output and the debt accumulated to achieve it continues to widen\u2026while savers are expropriated and capitalists are given an incentive to consume their capital (the \u201ceuthanasia of the rentier\u201d propagated by Keynes has finally been achieved) \u2013 click to enlarge.<\/p>\n

Four Lost Decades<\/strong><\/p>\n

One of the endearing features of the ruling classes is their abiding faith in their own judgment. Despite inexhaustible evidence that they are bumbling incompetents, the power elite stick to their guns \u2013 literally \u2013 and to their cushy sinecures.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Power Elite: Bumbling Incompetents\u00a0 Geniuses in Charge BALTIMORE, Maryland \u2013 Is there any smarter group of\u00a0homo sapiens\u00a0on the planet? Or in all of history? We\u2019re talking about Fed economists, of course. Not only did they avoid another Great Depression by bold absurdity\u2026giving the economy more of the one thing of which it clearly had […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,6190,303,8364,4512,9450,3650],"class_list":["post-20781","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-bill-bonner","tag-fed","tag-federal-open-market-committee","tag-fomc","tag-power-elite","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20781"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20781\/revisions"}],"predecessor-version":[{"id":20782,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20781\/revisions\/20782"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}